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NEER Firms, Core CPI Holds Steady In April

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer this morning, however we remain within recent ranges. We now sit ~0.8% below the upper end of the band.

  • USD/SGD prints at $1.3460/70, the pair is ~0.1% softer today. Rallies in recent sessions have met resistance ahead of $1.35 handle with the 200-Day EMA coming in at $1.3511.
  • Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 April at $1.3204.
  • Core CPI held steady at 5.0% M/M in April, a rise of 4.7% M/M was expected, and is above the MAS forecast for 2023. Headline CPI ticked higher to 5.7% M/M, the prior read was 5.5% M/M.
  • Looking ahead, the final read of Q1 GDP crosses early in tomorrow's session. A rise of 0.2% Y/Y is expected and the Q/Q measure is expected to fall 0.6%.
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